February 2023 Market Report

Oakville, ON, March 7, 2023 – According to figures released March 7 by The Oakville, Milton and District Real Estate Board (OMDREB), the number of all property sales reported by OMDREB REALTORSdecreased 43.6 percent for Single Family homes and 39.1 percent for Townhouse/Condo homescompared to January 2022. Median Sales Price decreased 22.8 percent to $1,365,000 for Single Family homes and 16.8 percent to $815,000 for Townhouse/Condo homes.

The total number of new property listings decreased 33.1 percent for Single Family homes and 27.9 percent for Townhouse/Condo homes compared to this time last year.

For homes processed through the OMDREB MLS system, the number of days on market increased 185.7 percent for Single Family homes and 257.1 percent for Townhouse/Condo homes in February 2023.

Year over year, Inventory increased 266.7 percent for Single Family homes and 320.0 percent for Townhouse/Condo homes.

February sales were markedly lower than 2022, both in terms of average price and sales volume,” says OMDREB President Hunter Obee.

“However, we saw an uptick in prices from January, indicating that buyers may be stepping back into the market as the interest rate tightening cycle nears it’s end. It’s still too early to say that we’ve reached a bottom on pricing, but signs are looking positive for a relatively strong first half of the year,” continues Obee.

He adds, “Whether buying, selling, or renting, OMDREB REALTORS can help navigate this rapidly changing environment. Don’t hesitate to contact a member today.”

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